The doldrums of home buying impact every individual at some point in life. Economic and demographic factors contribute to the decision making process of getting a shelter for you or your family. In the early stages of independent life, a good number of individuals start by renting. As they attain financial stability many get to buy a home. Contrarily, some homeowners choose to downsize and end up paying rent. This is especially the case for the old whom their careers demand shift in location from time to time.
Home ownership requires strategic planning and making the most prudent decision. Diverse options exist of whether to buy or rent depending on what suits your desires. A quick consideration of the home ownership realm may influence your personal decision.
Renting a home may at times beat owning a home. Careful consideration, for instance, tax laws play a significant role. Tax laws are different depending on the country and their geographical locations. Coupled with land regulatory charges, interest payments, and other fees, buying a home may translate to be more expensive than you imagine. If you are going to live there for more than five years then it will make the most financial sense. This is because over a longer period, the closing cost will be more than the offset by the growth of home value. In the calculation of whether it makes sense to rent than buying depends on the accuracy of your assumptions.
On the other side of the coin, buying alternative may supersede renting. Careful consideration needs to be done on the basis of your life stage and goals. Even though no one has a transparent view, it is necessary to evaluate your current life and the possibility of an immediate future turn around. Individuals who wish to make life changes as starting up a family, buying a home would be ideal. If and only if you have the financial muscle to do so. Vast financial options exist like off-plan buying, mortgage, affordable housing plans when it comes to purchasing a home. Again, carefully consider prospective home and appropriate financing alternatives.
In comparison, the advantages of buying a home include; building equity, possible tax benefits, no landlord to answer to, stability and you can upgrade to your taste. No property tax bills, freedom to be more mobile, fewer upfront costs. No worry of failing home value and building credit are some renting advantages one stands to enjoy. The advantages a renter enjoys are the disadvantages to a home buyer, the reverse holds. This argument could go on and on but let us both agree to disagree that what works best for you dictates your home buy or rent option.
Consulting a property agency will give you an upper hand. Good Luck!